Condo Conversion In DC
Hi Guys,
Does anyone have experience with condominium conversions in the DC market? I have read several posts here with regard to the intricacy that is involved in converting apartments to condominiums.
Currently I am looking at “condominiums” that are being leased as apartments with the hopes of selling them off.
I would like to educate myself on the process prior to doing so and feel that I am finding info too slowly. I have questions about rezoning / taxes / financing etc.
Thanks.[ Edited by murdoch on Date 05/19/2005 ]
The other major variable is how difficult its going to be to get the zoning change. You are certainly going to have costs for the application and carrying costs while the zoning board considers the matter. And there is a risk that your zoning change will be turned down so if you are going to buy it outright at the begining then you have to have an alternate plan for what you will do if they turn you down.
Unless, of course your brother-in-law is the chairmanof the committee or something like that.
Tracy:
My only concern would be their trustworthiness, but you say they have a great track record, so they seem legit. I think this seems like a great way to expand a portfolio, if the management costs leave enough of a cushion to make a profit and build reserves.
Thank you for the detailed response. I appreciate all your help.